1008. Transitional serial interest.

Where a person is beneficially entitled to an interest in possession in settled property, that interest is a 'transitional serial interest'1 only in the following three cases2.

The first case is where a person ('B') is beneficially entitled to an interest in possession in settled property ('the current interest') and the following conditions are met3:

  1.  

    (1)     the settlement commenced before 22 March 2006, and immediately before 22 March 2006, the property then comprised in the settlement was property in which B, or some other person, was beneficially entitled to an interest in possession ('the prior interest')4;

  2.  

    (2)     the prior interest